v3.26.1
Loans at Fair Value (Tables)
6 Months Ended
Jun. 30, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Summary of Loans Held at Fair Value

The following table summarizes the Company's loan held at fair value as of June 30, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

Loan

Location(s)

Maturity Date

Principal Balance

 

Amortized Cost

 

Fair Value

 

Interest Rate

Periodic Payment

51

New York

5/22/2028

$

41,000,000

 

$

40,612,435

 

$

40,612,435

 

P+5.25%

I/O

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal

$

41,000,000

 

$

40,612,435

 

$

40,612,435

 

 

 

Summary of Significant Unobservable Inputs Used to Value Loans Categorized within Level 3

The following table summarizes the significant unobservable inputs used by the Company to value the assets categorized within Level 3 as of June 30, 2026. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

As of June 30, 2026

 

 

 

 

 

Unobservable Input

 

Fair Value

 

Primary Valuation Technique

Input

Value

 

Loans, at fair value - related party

$

40,612,435

 

Yield Analysis

Discount rate

 

14.16

%

Warrants

$

898,000

 

Black-Scholes Option Pricing Model

Expected Term
Volatility Factor
Risk Free Rate
Exercise Price

4.52 years
64.00%
4.20%
$
1.30

 

Total

$

41,510,435